NEW DELHI: Country’s second-largest carmaker Hyundai Motor India (HMIL) said it is confident of hitting a seven-digit figure production milestone (1 million units per annum) in the next few years. “HMIL is actively working towards achieving its goal of a cumulative yearly production capacity of 1 million units.
We plan on achieving this through capacity optimization at our Sriperumbudur plant and capacity addition through our upcoming Talegaon plant where production is scheduled to commence from 2025,” said Unsoo Kim, managing director and chief executive officer of HMIL, on Friday as the company completes 27 years in India.
This aggressive expansion plan by the Indian unit of Korean carmaker comes as it has increased its share in the global Hyundai sales pie, from 15.6% in 2019 to 18.6% in 2023 (January-September). Hyundai India is now targeting a 20% share in the times to come.
After a recent capacity addition of 50,000 units in its Tamil Nadu plant, Hyundai now make about 8.2 lakh vehicles per annum. Kim said that as India is moving towards an electric vehicle (EV) revolution, HMIL plans on investing RS 20,000 crores strategically towards building an EV ecosystem here.
He added that HMIL is also developing a hub for next generation EV batteries through an upcoming state-of-the-art EV battery pack assembly facility in Tamil Nadu.Hyundai is looking to close the calendar year 2023 with a personal best domestic sales milestone of 6 lakh units as it continues to see strong demand for its SUVs. The recently launched mini SUV Exter Has garnered over 1 lakh bookings.